Strategy. Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide two times leveraged exposure to the calendar month performance of the SPDR S&P 500 ETF Trust. The Fund is an actively -managed exchange -traded fund (ETF) that seeks to achieve on a calendar month basis, before fees and expenses, 200% performance of the SPDR S&P 500 ETF Trust for a full calendar month, and not for any other period, by entering into one or more swaps on the SPDR S&P 500 ETF Trust. A full calendar month is measured from the close of trading on the last business day of one calendar month to the close of trading on the last business day … Show more… Under normal market circumstances, the Fund will maintain at least 80% exposure to financial instruments that provide two times leveraged exposure to the calendar month performance of the SPDR S&P 500 ETF Trust. The Fund is an actively -managed exchange -traded fund (ETF) that seeks to achieve on a calendar month basis, before fees and expenses, 200% performance of the SPDR S&P 500 ETF Trust for a full calendar month, and not for any other period, by entering into one or more swaps on the SPDR S&P 500 ETF Trust. A full calendar month is measured from the close of trading on the last business day of one calendar month to the close of trading on the last business day of the following calendar month. Business day means each day the NYSE is open for trading. For example, if June 28 th is the last business day of the calendar month and July 31 st is the last business day of the following calendar month, the calendar month performance is measured from the close of trading on June 28 th to the close of trading on July 31 st. The Fund will enter into one or more swaps with major global financial institutions whereby the Fund and the global financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the SPDR S&P 500 ETF Trust. The gross return to be exchanged or swapped between the parties is calculated with respect to a notional amount, e.g. , the return on or change in value of a particular dollar amount representing the SPDR S&P 500 ETF Trust. The Advisor attempts to consistently apply leverage to maintain the Funds exposure to 200% of the SPDR S&P 500 ETF Trusts monthly return, and expects to rebalance the Funds holdings monthly in an attempt to maintain such exposure. As a defensive measure, if abnormal market conditions or other circumstances cause a change in the value of SPDR S&P 500 ETF Trust intra -period ( i.e. , other than at or near the close of the market of a calendar period) and the change exceeds a level that has been determined by the Advisor to represent a dramatic move in the price of SPDR S&P 500 ETF Trust (the performance trigger) the Advisor will seek to reset the performance leverage of the Fund by rebalancing the portfolio. The performance trigger for the Fund is -35 %. For example, if the price of SPDR S&P 500 ETF Trust drops by 35% for the period by the 15 th of the calendar month, the Fund will rebalance its portfolio on the 15 th by resetting the swaps to the 200% leverage and delivering the performance through the end of the calendar period. In essence, the stub period between the triggered reset date and the end of the period is treated like a brand -new period which would have the effect of reducing the leverage return for that calendar period. The Advisor will make best efforts to reset the performance leverage intraday as soon as possible after the trigger level is reached. If the intra -period performance trigger is not reached until the final 30 minutes of trading, the Advisor will make best efforts to reset the performance leverage that day. However, if there is not enough time to do so, the performance leverage will reset the following trading day. If the Fund rebalances its portfolio intra -period due to the performance trigger, the Fund likely will not achieve its investment objective for that period. There is no guarantee that such defensive measures will be successful in protecting the viability of the Fund. Additionally, the Fund may invest all available cash in the Funds portfolio in (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) short -term bond ETFs and/or (4) corporate debt securities, such as commercial paper and other short -term unsecured promissory notes issued by businesses that are rated investment grade or of comparable quality (Collateral Investments). The SPDR S&P 500 ETF Trust is an index -based exchange traded fund that seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of an index designed to measrue the performance of five hundred (500) selected companies, all of which are listed on national stock exchanges and spans a broad range of major industries. The Fund has derived all disclosures contained in this document regarding the SPDR S&P 500 ETF Trust from the publicly available documents described above. In connection with the offering of the Funds securities, none of the Fund, the Trust, the Advisor, and any of their affiliates has participated in the preparation of such documents. The Advisor has not made any due diligence inquiry with respect to the data or information underlying the publicly available information of the SPDR S&P 500 ETF Trust. None of the Fund, the Trust, the Advisor, and any of their affiliates makes any representation that such publicly available documents or any other publicly available information regarding the SPDR S&P 500 ETF Trust is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date hereof (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the SPDR S&P 500 ETF Trust have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning the SPDR S&P 500 ETF Trust could affect the value of the Funds investments with respect to the SPDR S&P 500 ETF Trust and therefore the value of the Fund. None of the Trust, the Fund and their affiliates makes any representation to you as to the performance of the SPDR S&P 500 ETF Trust. THE TRADR 2X LONG SPY MONTHLY ETF, INVESTMENT MANAGERS SERIES TRUST II, AND AXS INVESTMENTS LLC ARE NOT AFFILIATED WITH THE SPDR S&P 500 ETF TRUST, OR PDR SERVICES, LLC. Show less